MakeMyTrip : Press release by MakeMyTrip Limited dated May 16, 2023 - Form 6-K
May 16, 2023 at 06:53 am EDT
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EARNINGS PRESS RELEASE
MMT delivers highest ever annual Gross Bookings and Adjusted Operating Profit1 backed by robust travel demand
Full Year Gross Bookings grow by 122% YoY2 to $6.6 Billion | Adjusted Operating Profit1 at $70.3 Million, growth of 203% YoY
National, May 16, 2023 (NASDAQ: MMYT) -MakeMyTrip Limited, India's leading travel service provider, today announced its unaudited financial and operating results for its fiscal fourth quarter and full year ended March 31, 2023 as attached herewith and available at www.sec.gov/ and on our website at http://investors.makemytrip.com.
Business & Financial Highlights | Q4 FY2023 & Full Year FY2023
Q4 FY23
($ Million)
Q4 FY22
($ Million)
YoY Change
(Constant
Currency)2
FY23
($ Million)
FY22
($ Million)
YoY Change
(Constant
Currency)2
Gross Bookings
1,673.9
1,012.3
80.7%
6,566.2
3,188.9
122.0%
Revenue as per IFRS
148.5
88.6
82.9%
593.0
303.9
110.3%
Adjusted Margin1
Air Ticketing
74.3
44.8
81.0%
280.1
155.5
94.2%
Hotels and Packages
63.5
42.3
64.2%
259.8
144.1
94.2%
Bus Ticketing
19.3
12.4
70.8%
77.3
38.3
117.2%
Others
9.0
5.7
73.5%
34.1
18.6
98.6%
Results from Operating Activities
8.0
3.4
23.6
(30.4)
Adjusted Operating Profit (Loss)1 (also referred to as Adjusted EBIT)3
19.0
12.0
70.3
23.2
Profit / (Loss) for the period
5.4
(4.1)
(11.2)
(45.6)
•
Travel demand continues to be robust despite macroeconomic headwinds and Q4 being a seasonally slower quarter. Gross Bookings for Q4 FY23 grew by 80.7% YoY in constant currency2 to $1.7 billion. FY23 Gross Bookings grew by 122% YoY in constant currency2 to $6.6 billion.
•
Adjusted Operating Profit1 was $19.0 million in Q4 FY23, as compared to $12.0 million in Q4 FY22. FY23 Adjusted Operating Profit1 was $70.3 million, being the highest ever in our company's history, as compared to $23.2 million in FY22, with YoY growth of 203.0%.
•
Profit for the period was $5.4 million in Q4 FY23, as compared to a loss of $4.1 million in Q4 FY22. Loss for the year has reduced significantly; loss for FY23 was $11.2 million as compared to a loss of $45.6 million in FY22, being a reduction of $34.4 million.
Rajesh Magow, Group Chief Executive Officer, MakeMyTrip, commenting on the results, said,
"We witnessed robust recovery in travel demand with significant improvement in consumer sentiment during the fiscal year ended March 31, 2023. We capitalized on this trend to deliver strong results with over 120% YoY constant currency growth in Gross Bookings. Our profitability expansion has also been significant, as we delivered a YoY increase of over 200% in Adjusted Operating Profit1 for the reported fiscal year 2023. We are glad that our strategy of investing in the right areas coupled with our initiatives to optimize certain costs has helped us to preserve and strengthen our moat. We remain well positioned for the next fiscal year with a strong pipeline of product innovation to further enhance customer experience."
Notes:
(1)
This is a non-IFRS measure. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of our earnings release. For more information, see "About Key Performance Indicators and Non-IFRS Measures" in our earnings release.
(2)
Constant currency refers to our financial results assuming constant foreign exchange rates for the current fiscal period based on the rates in effect during the comparable period in the prior fiscal year. This is a non-IFRS measure. Reconciliations of IFRS measures to non-IFRS financial measures and operating results are included at the end of our earnings release. For more information, see "About Key Performance Indicators and Non-IFRS Measures" in our earnings release.
(3)
Adjusted Operating Profit (Loss) is commonly referred to among investors and analysts in India as Adjusted EBIT.
MakeMyTrip Limited published this content on 16 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 10:52:02 UTC.
MakeMyTrip Limited is an online travel provider. The Company's segments include Air Ticketing, Hotels and Packages and Bus Ticketing. The Air ticketing segment provides the facility to book domestic and international air tickets through Internet-based platforms. The Hotels and packages segment provides holiday packages and hotel reservations through Internet-based platforms, call centers, and franchise stores. The Bus ticketing segment provides the facility to book domestic and international bus tickets through Internet-based platforms. Through its primary websites, such as www.makemytrip.com, www.goibibo.com, and www.redbus.in, and mobile platforms, travelers can research, plan and book a range of travel services and products in India, as well as overseas. The Company's services and products include air ticketing, hotels and packages, bus tickets, rail tickets, car hire, activities and experiences, and ancillary travel requirements. It also provides an inter-city car rental service.